No One Wants Euro Collapse: Austria Finance Minister

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Thursday, 1 Dec 2011 | 4:14 AM ETCNBC.com

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A collapse of the euro will not benefit any of the 17-member currency zone's members and struggling euro zone countries must instead focus on getting their finances in order to restore stability, Austrian finance minister Maria Fekter told CNBC.

Photo: Ken Sciciuna | Getty Images

E.U. Flags

Speaking on the sidelines of a meeting of European finance ministers ahead of a crucial summit of EU leaders on December 9, Fekter said Germany and France did not agree on all of the topics on the agenda for the summit.

"But I think they will prepare a really vicious program," Fekter said.

The summit is expected to discuss potential changes to the EU treaty to find a lasting solution to the euro zone debt crisis.

"We have to have better coordination, more fiscal discipline. All those countries who have debt problems should do their homework," Fekter said.

She said Europe's finance ministers were all working hard to avoid a breakdown of the euro.

"A breakdown is only to the benefit of those who are speculating on the breakdown. It doesn’t help the population, it doesn’t help the politicians, it doesn’t help the states," Fekter said.

"No one wants to create a breakdown or a crash, an unstable situation like a credit default. And so we are struggling to stabilize this," she said.

Contact Europe: Economy

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